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"There is only one!"
Posted on 01/16/2025 6:11:32 PM PST by SeekAndFind
Donald Trump’s Treasury Secretary pick, hedge fund mogul Scott Bessent, called out irresponsible and inflationary government spending and offered solutions to America’s financial crises in his opening statement.
At his Senate confirmation hearing, Bessent criticized the out-of-control spending that members of both parties in Congress and the Biden-Harris administration have fueled. Bessent further emphasized the importance of having the U.S. dollar as world reserve currency and proposed tax cuts and tariffs as key solutions to the economic and financial crises America is currently facing.
After predicting “a new economic golden age that will create more jobs, wealth and prosperity for all Americans” under Trump and touching on supply chains and sanctions, Bessent referred to the increasing international effort by America’s enemies to undermine the dollar as world reserve currency. Biden fueled that movement with his horrible policies, but Trump aims to reverse the trend. “Critically, we must ensure that the U.S. dollar remains the world’s reserve currency,” Bessent stated.
"We must secure supply chains that are vulnerable to competitors, and we must carefully deploy sanctions as part of an approach to address our national security requirements, and critically, we must ensure that the dollar remains the world's reserve currency."
He continued, “Today, Americans face significant challenges in an economy that has not created enough opportunities for working men and women. We have an affordability crisis, a housing shortage, and for the first time in my lifetime, parents feel as though the American dream is slipping away from their children.” That’s Bidenomics at work.
Bessent cut to the heart of the problem: “The federal government has a significant spending problem driving deficits that have averaged an historically high 7% of GDP during the past four years. We must work to get our fiscal house in order...
(Excerpt) Read more at pjmedia.com ...
I watched part of the Bessent hearings. It seemed like the Democrat senators only wanted to ask him if he would guarantee continuing to fund their particular projects. He was very effective in answering their keep-spending questions.
We’ll find out if he’s the real deal.
"He was very effective in answering their keep-spending questions."
[Scott] "Bessent cut to the heart of the problem: 'The federal government has a significant spending problem driving deficits that have averaged an historically high 7% of GDP during the past four years. We must work to get our fiscal house in order.'"
Congress members to each other:
Slamming government overspending? That’s our job here.
Where did they find this oddball?
He’s from SC, home to Graham and Scott. Worked for Soros, supports Ukraine, Yale, donated to Hillary and Obama, is married to another man.
Doesn’t seem very real deal.
As of tomorrow morning, every Federal agency except the military and Social Security, will see their budgets cut by 10%. Those savings will be immediately applied to the deficit. Administrators will be expected to provide equal or better service than before. If you cannot do this, I will find someone who can. Have a nice day.
I would also revoke all gov't clearances of Secret and above and have them revetted if they wish to keep their current clearances.
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"There is only one!"
Nice, but “more bricks, less straw” didn’t end well for Pharoah.
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“We’re got a huge national debt! We need to cut taxes some more!”
See how dumb that sounds? Where is he planning to generate the $2 trillion Elon and Vivek tell us is low fruit ready for picking?
Well, I sure don’t like deficit spending, but as far as the dollar being weak right now that’s absolutely false. Over the past year it has gained vs every other currency.
A call for a Convention Of States to draft such an amendment got so close Congress came up with a fake solution , the Graham Rudman bill. The ploy worked . The effort faded away. Too bad . It got closer than the current effort to get a Convention Of States.
Cutting taxes spurs economic growth.
If you lower taxes, you actually increase tax revenue as people, corporations are spending, investing & creating revenue. Ask it this way, if everything was taxed at a 100%, where would the growth come from and there would be a limit to how much “they” can take. That’s why IMO tax should be based on consumption to incent politicians from both sides to focus on the economy. No one spends, no taxes.
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